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Balance Sheet Components (Tables)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Cash and Cash Equivalents

Cash and cash equivalents consisted of the following (in thousands):

 

 

 

September 30, 2025

 

 

December 31, 2024

 

Cash

 

$

1,754

 

 

$

2,004

 

Commercial paper

 

 

59,578

 

 

 

14,269

 

Money market funds

 

 

34,207

 

 

 

28,241

 

U.S. government bonds

 

 

22,436

 

 

 

5,968

 

Total cash and cash equivalents

 

$

117,975

 

 

$

50,482

 
Summary of Amortized Cost, Gross Unrealized Holding Gains or Losses, and Fair Value of Investments the Company’s investments consist primarily of available-for-sale debt investments. The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s investments by major investments type are summarized in the table below (in thousands):

 

 

 

September 30, 2025

 

 

 

Amortized Cost

 

 

Gross Unrealized
Holding Gains

 

 

Gross Unrealized
Holding Losses

 

 

Estimated
Fair Value

 

Corporate bonds

 

$

3,034

 

 

$

1

 

 

$

—

 

 

$

3,035

 

Total investments

 

$

3,034

 

 

$

1

 

 

$

—

 

 

$

3,035

 
Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):

 

 

 

September 30, 2025

 

 

December 31, 2024

 

Insurance proceeds receivable for litigation settlement

 

$

—

 

 

$

28,500

 

Holdback consideration receivable related to divestiture

 

 

10,000

 

 

 

—

 

Prepaid assets

 

 

768

 

 

 

1,903

 

Other current assets

 

 

695

 

 

 

1,139

 

Total prepaid expenses and other current assets

 

$

11,463

 

 

$

31,542

 

As of September 30, 2025, the Company recorded a $10.0 million receivable in prepaid expenses and other current assets for the holdbacks related to the closing of the divestiture of FibroGen International. See Note 2, Discontinued Operations and Divestiture, for details.
Schedule of Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following (in thousands):

 

 

September 30, 2025

 

 

December 31, 2024

 

Preclinical and clinical trial accruals

 

$

3,312

 

 

$

6,327

 

API and bulk drug product price true-up

 

 

12,398

 

 

 

13,071

 

Litigation settlement

 

 

—

 

 

 

28,500

 

Payroll and related accruals

 

 

3,060

 

 

 

4,640

 

Accrued restructuring charge

 

 

802

 

 

 

4,572

 

Professional services

 

 

2,527

 

 

 

2,049

 

Current portion of liability related to sale of future revenues

 

 

1,569

 

 

 

460

 

Other

 

 

2,108

 

 

 

2,416

 

Total accrued and other current liabilities

 

$

25,776

 

 

$

62,035